Strong Potential Remains for ABX

Apart from the fact that Barrick Gold (NYSE: ABX) is down 4% since last Thursday's high at 47.65, the overall pattern off of its July low at 39.67 still remains potentially extremely combustible -- as long as the series of higher pullback lows since last August remains intact.

Providing that key support at 45.00 and 44.76 remains viable, once the current pullback runs its course in the upcoming hours, the larger pattern argues for an approaching upside pivot reversal in the vicinity of 45.50, that propels ABX towards another confrontation with key resistance at 47.60/70, which should be hurdled on the way to 49.50-50.00.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!